China stock regulator gives nod for 5 IPOs worth $1b: Media reports

China’s stock market regulator has approved five new initial public offerings (IPOs), which will aim to raise a total of no more than 6.7 billion yuan ($1.05 billion), the official news agency Xinhua reported on Saturday.

Zoy Home Furnishing Co Ltd, Jiayou International Logistics Co Ltd and Hebei Yangyuan Zhihui Drinks Co Ltd will all list on the main board of the Shanghai Stock Exchange, Xinhua said, citing an announcement by the China Securities Regulatory Commission (CSRC).

Yujiahui Co Ltd, an corporate internet technology provider, and the Nanjing Julong Science and Technology Co Ltd, which provides engine components and electrical equipment for vehicles, will list in Shenzhen.

China has been accelerating IPO approvals as part of efforts to broaden direct finance and help companies reduce debt leverage.

In the first 10 months of last year, regulators approved 359 IPOs, already exceeding the annual record of 347 in 2010.